{"id":"F2007B00674","name":"ASIC Class Order [CO 04/909]","slug":"asic-class-order-co-04-909","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62464,"registerId":"commonwealth-F2007B00674-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Schedule","sectionType":"part","heading":"Schedule","content":"# Schedule\n\nThe provision of a financial service where all of the following apply:\n\n1.  the service is provided by:\n\n(a) a person (the agent) engaged under a written agreement to provide the service on behalf of an Australian ADI; or\n\n(b) an employee or director of the agent;\n\n2. the service is arranging for the issue of a basic deposit product by the ADI;\n\n3. the ADI has given ASIC notice in writing of its intention to rely on this instrument;\n\nNote: A single notice expressing an intention to rely on this instrument is sufficient to satisfy this requirement in relation to all of the agents of an ADI appointed from time to time. It is not necessary for separate notices to be given in relation to each agent.\n\n4. the agent is not a representative of the ADI under one or more of subparagraphs (a)(i) to (a)(iii) of the definition of representative in section 910A of the Act;\n\n5. the ADI has taken reasonable steps to ensure that before providing the financial service to another person (the customer) as a retail client, the agent specifically draws to the customer’s attention the availability of a dispute resolution system of the ADI that covers complaints by holders of the basic deposit product and how that system may be accessed.","sortOrder":0},{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"# Interpretation\n\nIn this instrument:\n\nbasic deposit product has the meaning given by section 761A of the Act; and\n\nretail client has the meaning given by section 761G of the Act.","sortOrder":1},{"sectionNumber":"Commencement","sectionType":"subdivision","heading":"Commencement","content":"#### Commencement\n\nThis instrument takes effect upon gazettal.\n\nDated this 19th day of July 2004\n\nSigned by Brendan Byrne\n\nas a delegate of the Australian Securities and Investments Commission","sortOrder":2}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1994},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains focused on its original purpose of exempting ADI agents who arrange basic deposit products from the representative appointment requirements. No evidence of scope creep beyond the initial regulatory relief intent."},"complexity_factors":["Only two defined terms, both referencing standard definitions in the Corporations Act 2001","Five clear, linear conditions without nested exceptions or conditional logic","Limited cross-referencing confined to the definitions of 'basic deposit product' and 'retail client'","Single-purpose relief instrument with straightforward operational requirements"],"plain_english_summary":"This Class Order lets banks and credit unions use contracted agents to help customers open simple deposit accounts without formally appointing those agents as representatives under the Corporations Act. It affects ADIs, their external agents (and their staff), and customers who must be informed about complaints processes. ADIs must notify ASIC and agents must not already be appointed as representatives; agents must tell customers how to make complaints."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-04-909","history":"/api/acts/asic-class-order-co-04-909/history","analysis":"/api/acts/asic-class-order-co-04-909/analysis","conflicts":"/api/acts/asic-class-order-co-04-909/conflicts","importantCases":"/api/acts/asic-class-order-co-04-909/important-cases","documents":"/api/acts/asic-class-order-co-04-909/documents"}}